Six Flags Entertainment Corporation (NYSE: FUN) has recently announced the appointment of Jonathan Brudnick, a partner at Sachem Head Capital, to its board of directors. Brudnick will serve as a Class III director for the term ending in 2027 and as a member of the board’s nominating and corporate governance committee.
As part of this appointment, the company has entered into a cooperation agreement with Sachem Head, which includes standstill, voting, and confidentiality commitments, among other provisions. This cooperation agreement will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.
With this addition, the Six Flags board will expand from 12 to 13 directors, 11 of whom are independent. However, following the departures of Selim Bassoul, executive chairman, and Daniel J. Hanrahan, lead independent director, the board size will decrease to 11, with 10 independent directors.
Jonathan Brudnick, who has been with Sachem Head since 2017, brings with him significant capital markets and transaction experience, providing important perspectives that will be additive to the board as the company enters its next chapter of growth and value creation.
Six Flags Entertainment Corporation, the largest regional amusement-resort operator in North America, operates 27 amusement parks, 15 water parks, and nine resort properties across 17 states in the U.S., Canada, and Mexico. The company is focused on providing fun, immersive, and memorable experiences to millions of guests every year with world-class coasters, themed rides, thrilling water parks, resorts, and a portfolio of beloved intellectual property such as Looney Tunes®, DC Comics®, and Peanuts®. Following these announcements, the company's shares moved 3.2%, and are now trading at a price of $21.26. If you want to know more, read the company's complete 8-K report here.
